Gulf General shareholders approve business continuity, authorize board action

Gulf General’s shareholders approved a recommendation by the board to continue operations

Gulf General Cooperative Insurance Co.’s shareholders approved a recommendation by the board of directors to continue operations after accumulated losses exceeded half of the company’s capital, in accordance with Article 132 of the Companies Law.

During an extraordinary general meeting on Jan. 18, shareholders also authorized the board to implement corrective measures aimed at addressing the accumulated losses, the company said in a Tadawul filing.

The measures include reducing general and administrative expenses, stepping up efforts to limit losses in individual motor insurance, expanding digital sales channels to improve cost efficiency, and improving pricing while rationalizing costs.

Accumulated losses stood at SAR 223.02 million, equivalent to 74.34% of capital, as of the end of the third quarter of 2025.